Biz4x Release 3.0: A complete feature revamp [2/2]

We heard your feedback and suggestions for improvement loud and clear and we are excited to announce that the new and improved Biz4x Version 3.0 is here! This update was developed over many months with close consultation of Money Service Businesses (MSBs) throughout the development process to gain insights and to improve catering to their business and operational needs.

Transactions

On-behalf transactions

Transactions performed by a customer on behalf of someone else can now record both customer’s and beneficiary’s details at the same time. For MSBs in countries with stricter regulations that require both parties’ details to be captured for regulatory reasons, this feature now allows you to do it directly on Biz4x.

Delete Transactions

If you need to delete transactions due to reasons such as recording a wrong transaction or encountering a duplicate entry, you can now do so in the transaction history page.

When transactions are deleted, the stock levels will be adjusted accordingly for the currencies involved in the transaction. This is done by system generated contra transactions that get created when transactions are deleted. These contra systems act to adjust stock levels only and will not affect other areas such as transaction related reports and risk based analysis.

Wholesale Transaction

This version of Biz4x also includes an improved feature of Wholesale Transactions. For MSBs that engage in wholesale transactions with other MSBs, you can use this feature to record and manage these operations; with functions such as creating and managing orders, including performing settlements of transactions.

This module has been developed to facilitate MSBs operations related to wholesale transactions. Unique aspects such as viewing customer credit balances, focusing on delivery methods and delivery details, allowing partial settlement for payments and settlements at a later date are additional features that will further enhance the overall wholesale transaction experience.

The wholesale transaction module comes with the wholesale transaction reports and the settlement report. The settlement report provides an overview of pending balances and available credit for each customer. As for the wholesale transaction report, it lists out successfully completed wholesale transactions.

Reports

In-App Reports

All reports now support in-app viewing, which means that reports can be generated and viewed directly on Biz4x. Reports can still be exported if needed.

BNM Auto-Submission

For Malaysian MSBs, this version introduces the ability to automatically submit Line-by-Line transaction reports directly to Bank Negara Malaysia (BNM) for both regular and wholesale transactions. Upon submission, you will be able to check the status of the submitted records.

Audit Trail

You can find an Audit trail in Version 3.0 of Biz4x which logs the actions and time of actions performed by users across all areas of the software. This will aid MSBs in monitoring actions done by all staff of the company and allows for transparency.

Authorisation

Another brand new feature introduced in Version 3.0 of Biz4x is the authorisation feature. This feature allows managers and owners to have better control over crucial operations. Some actions can have significant impact across many other areas of the business and hence, MSBs who may wish to have more checks in place for such actions can potentially benefit from this authorisation feature.

Actions such as deleting transactions, performing stock transfers, taking wholesale orders and conducting transactions may have potential risks that are considered to be crucial and sensitive. Thus we have included an authorisation flow, which will ensure that the above actions can only proceed with if a user with permissions to approve these actions authorises it.